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Encyclopedia > Median household income

The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more.[1] The median income is considered by many statisticians to be a better indicator than the average household income as it is not dramatically affected by unusually high or low values."[2]216.99.213.74 23:44, 6 October 2006 (UTC) The household is the basic unit of analysis in many microeconomic and government models. ... In probability theory and statistics, a median is a number dividing the higher half of a sample, a population, or a probability distribution from the lower half. ... Statisticians or people who made notable contributions to the theories of statistics, or related aspects of probability, or machine learning: Peter Armitage M. S. Bartlett Thomas Bayes Yves Berger Duane Boes Ladislaus Bortkiewicz George Box Pafnuty Chebyshev Alexey Chervonenkis William Cochran (Sir) David R. Cox Richard Threlkeld Cox Harald Cram... In mathematics, there are numerous methods for calculating the average or central tendency of a list of n numbers. ...

"Median income is the amount which divides the income distribution into two equal groups, half having income above that amount, and half having income below that amount. Mean income (average) is the amount obtained by dividing the total aggregate income of a group by the number of units in that group. The means and medians for households and families are based on all households and families. Means and medians for people are based on people 15 years old and over with income."[1]
-US Census Bureau, Frequently Asked Question, published by First Gov. In probability theory and statistics, a median is a number dividing the higher half of a sample, a population, or a probability distribution from the lower half. ... The Lorenz curve was developed by Max O. Lorenz in 1905 as a graphical representation of income distribution. ... In statistics, mean has two related meanings: the average in ordinary English, which is more correctly called the arithmetic mean, to distinguish it from geometric mean or harmonic mean. ... In mathematics, there are numerous methods for calculating the average or central tendency of a list of n numbers. ...

See also

The median household income in 2003 according to the US Census Bureau was determined to be $43,389 a year[1] with the median income per household member being $23,535. ... This graph shows the American definition of social class according to the New York Times using the quintiles as measurement for class. ... There has been significant disagreement about poverty in the United States; particularly over how poverty ought to be defined. ... The Lorenz curve was developed by Max O. Lorenz in 1905 as a graphical representation of income distribution. ... In probability theory and statistics, a median is a number dividing the higher half of a sample, a population, or a probability distribution from the lower half. ...

References

  1. ^ a b US Government, the different between mean and median. Retrieved on 2006-06-29.
  2. ^ US Census Bureau on the nature the median in determining wealth. Retrieved on 2006-06-29.

2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... June 29 is the 180th day of the year (181st in leap years) in the Gregorian Calendar, with 185 days remaining. ... 2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ... June 29 is the 180th day of the year (181st in leap years) in the Gregorian Calendar, with 185 days remaining. ...

Related Links

  • Mean and Medium "All Family" Income 1947 to 2001, in Current and Constant 2002 Dollars (Census Bureau Data)

  Results from FactBites:
 
US Census Press Releases (2229 words)
Households with Hispanic householders (who can be of any race) experienced a real decline in median income of 2.6 percent between 2002 and 2003.
The difference between median household incomes in the Northeast and West was not statistically significant.
The median household income of Hidalgo County, Texas ($24,926), while not different from Cameron County, Texas; Bronx County, N.Y.; or Lubbock County, Texas, was lower than those of the remaining 229 counties.
  More results at FactBites »

 
 

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